Bazaar, a Karachi-based business-to-business (B2B) e-commerce marketplace, has raised US$1.3 million in Pakistan’s largest pre-seed round.
According to media reports, the round was led by Indus Valley Capital, a Pakistan-focused fund (started by LinkedIn’s former VP (Growth) Aatif Awan) that had also led early investments in Airlift. In addition, Alter Global, a Silicon Valley-based fund for emerging markets, also invested in the round, making it their first investment in Pakistan.
AlterGlobal has previously invested in similar startups across different emerging markets.
Some angels from the Middle East and Pakistan also participated in the round.
The deal, which is one of the largest pre-seed rounds of Middle East, North Africa, Turkey & Pakistan, was closed entirely on Zoom in less than two weeks. The founders, Saad Jangda and Hamza Jawaid, had received the term sheet just ten days after the first pitch.
Jangda, who was one of the founding members of Careem NOW, and Jawaid, who was previously a Management Consultant with McKinsey, founded Bazaar less than two months ago to connect retailers (grocery stores only for now) in Karachi with wholesalers and manufacturers. The startup does it through its mobile app to help retailers source inventory for their stores.